Web3 advocate and author Alex Tapscott on the future of blockchain mass adoption

Tapscott detailed the impact he sees Web3 having on different markets with The Agenda and in his brand-new book, Web3: Charting the Internets Next Economic and Cultural Frontier, where he breaks down and discusses all things Web3, from NFTs and decentralized autonomous organizations (DAOs) to the metaverse.While NFTs, DAOs and the metaverse are typically provided as full-on replacements for the current structures in usage, Tapscott explained that the concepts and the tools provided by Web3 can more successfully be incorporated into existing industries:”But whats more fascinating is that not that the existing companies will alter to be like the brand-new thing, however rather that brand-new things will come along that will, if theyre beneficial and enjoyable, drive adoption.”Related: Meet the 13-year-old trainee selling sneakers for Bitcoin: The Agenda podcastRegarding the regulative difficulties that continue to develop hurdles for the Web3 market and whether or not blockchain “fixes whatever,” Tapscott referred to a conversation he had with Andreessen Horowitz basic partner Chris Dixon.”Web3 provides tools, not a template for replacementGetting back to the discussion of peoples belief that Web3 can fix whatever, Tapscott suggested that Web3, DAOs, crypto and blockchains must be viewed as tools rather than paradigm shift catalysts that will replace existing markets:”I believe that its a toolkit, or its a set of tools that we can utilize to build brand-new organization models, to produce new kinds of companies, to change existing markets.”To hear more from Tapscotts discussion with The Agenda– including his take on how Web3 will ultimately become a day-to-day part of everyones life– listen to the full episode on Cointelegraphs Podcasts page, Apple Podcasts or Spotify.

Web3, mass, crypto and blockchain adoption were major buzzwords in 2021 and 2022, however the public interest in the terms was up to the wayside over the last year as media headings narrowed their focus to the now defunct FTX exchange and the trial of its creator, Sam Bankman-Fried. Fast-forward to the present, where media headlines are focused on pending spot Bitcoin exchange-traded fund applications, more than 100% year-to-date price gains for Bitcoin (BTC) and a revival in the nonfungible token (NFT) markets. Perhaps, Web3 is back. On Episode 14 of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung spoke with Alex Tapscott about his deep views on Web3 and how the tech and concepts backing it will “change the existing markets.” The blockchain transformation is still happeningRevolutions catalyze improvement, however these changes tend to take place slowly instead of at one time. Tapscott detailed the effect he sees Web3 having on numerous industries with The Agenda and in his brand-new book, Web3: Charting the Internets Next Economic and Cultural Frontier, where he breaks down and explains all things Web3, from NFTs and decentralized autonomous companies (DAOs) to the metaverse.While NFTs, DAOs and the metaverse are frequently provided as full-on replacements for the current structures in usage, Tapscott described that the concepts and the tools offered by Web3 can more successfully be integrated into existing industries:”But whats more intriguing is that not that the existing companies will alter to be like the brand-new thing, but rather that new things will come along that will, if theyre helpful and fun, drive adoption. Individuals will use them because they prefer them and believe that if theyre in Web3, part of that will be that individuals have more sovereignty and control over their data and their assets.”Related: Meet the 13-year-old student selling tennis shoes for Bitcoin: The Agenda podcastRegarding the regulatory difficulties that continue to produce difficulties for the Web3 market and whether or not blockchain “repairs whatever,” Tapscott described a discussion he had with Andreessen Horowitz basic partner Chris Dixon. Drawing from his discussion with Dixon, Tapscott said:”Going back to what Dixon said is that the innovation improves and gets better and then becomes something that everybody wants to utilize since weve straightened out the kinks. And I believe that were still, honestly, in the settling the kinks phase. Thats point number one. But point second is like even if we iron out the kinks and make this stuff better and more helpful doesnt mean it resolves every problem.”Tapscott explained that many individuals are “looking for redemption in technology” and will likely be dissatisfied:”I believe a lot of individuals make Bitcoin into a faith. And I can inform you, like any faith that came before it, its perhaps, well, I dont wish to get political or anything like that, however like discuss peoples faith. I simply think its just not the ideal way to think about innovation as something that can resolve all your problems.”Web3 offers tools, not a design template for replacementGetting back to the conversation of individuals belief that Web3 can repair everything, Tapscott recommended that Web3, DAOs, crypto and blockchains ought to be deemed tools rather than paradigm shift catalysts that will replace current industries:”I think that its a toolkit, or its a set of tools that we can utilize to build new company models, to develop new sort of organizations, to change existing markets. And all that stuff is truly cool. And possibly at the same time, we can put more power in the hands of people, provide a chance to make a share of the services and applications that they use, and make it easier for anyone to connect to the international economy, even if they reside in a part of the world thats usually neglected.”To hear more from Tapscotts discussion with The Agenda– including his take on how Web3 will ultimately end up being a daily part of everyones life– listen to the full episode on Cointelegraphs Podcasts page, Apple Podcasts or Spotify. And do not forget to take a look at Cointelegraphs complete lineup of other shows! Publication: I invested a week operating in VR. It was primarily terrible, nevertheless … This post is for basic info purposes and is not meant to be and ought to not be taken as legal or financial investment guidance. The views, opinions, and thoughts revealed here are the authors alone and do not necessarily show or represent the views and opinions of Cointelegraph.